The moment of truth will come this week for Britain’s seven largest lenders who had their ability to withstand a no-deal Brexit assessed Chris Ratcliffe/Getty ImagesThe ability of Britain’s biggest lenders to withstand the economic shock of a no-deal Brexit will be revealed this week when the Bank of England publishes the results of its annual health check on the sector. The stress tests put the seven largest lenders — Lloyds Banking Group, Barclays, Royal Bank of Scotland, HSBC, Santander, Nationwide Building Society and Standard Chartered — through extreme scenarios. The Bank has already warned that a no-deal, no-transition Brexit could send the pound plunging further, hit economic growth and even lead to interest rate rises if falls in the value of sterling increase inflation. Last year’s test found that all banks were sturdy enough to withstand the worst-case Brexit scenario, but Barclays and RBS emerged as the weakest and…

Source: The Times November 26, 2018 00:06 UTC